ID: MRFR/HC/0376-CRR | August, 2017 | Region: Global | 122 pages | Cooked Research Reports
Global Healthcare Revenue Cycle Management Market Research Report, by Product Type (Integrated, Standalone Software) Component (Software, Services) Deployment (On Premise, Cloud Based) End-user (Hospital, Ambulatory Service)- Global Forecast Till 2027
The rising costs of surgeries and overall healthcare has induced the need for hospitals to lean towards technology to reduce the burden. Healthcare revenue cycle management (RCM) is a system in the healthcare cycle which relies on electronic health records (EHRs) and automation to expedite outpatient billing and reduce wait times. The global healthcare revenue cycle management market is touted to exhibit a healthy 12.2% CAGR during the assessment period (2017-2027), as per a new market report by Market Research Future (MRFR).
The growing numbers of hospitals and clinics, rising adoption rate of RCM software, recovery audits, and preference for integrated healthcare systems are factors expected to drive market demand during the forecast period.
The report covers the latest trends impacting the market to provide the most accurate forecasts and predictions. By correlating the historical data with upcoming market dynamics, our analysts can make highly astute projections. MRFR’s report includes a thorough analysis of the global healthcare revenue cycle management market segmented according to type, application, end-user, and region. Growth opportunities are highlighted coupled with the market share of companies as well as their valuation in the market. It analyzes new revenue sources for players and outlines the various strategies implemented by players.
By type, the healthcare revenue cycle management market is segmented into integrated and standalone software. Key components discussed include software and services. By deployment, the market is segmented into on-premise and cloud/web-based. By end-user, the market is segmented into hospitals and ambulatory services.
The segments covered in the report are analyzed with respect to four major regions – Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA), with respective country-level market sizing. The definition of “healthcare revenue cycle management” is outlined in the report for a comprehensive understanding of the market. The report discusses in detail the various players and their respective strategies to enhance their value chain.
Some of the key players in the healthcare revenue cycle management market include General Electric Company (U.S.), Epic Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Quest Diagnostics (U.S.), Allscripts (U.S.), Siemens Healthcare (Germany), and others. These players are engaged in partnerships to launch new products in the market and expand their consumer base.
The report offers comprehensive profiles on these market players and assesses their current standing in the market. Company history coupled with annual turnover, profit margins, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are discussed in granular detail.
At MRFR, our research analysts conduct a thorough objective analysis of the market when creating market reports by adhering to a rigorous set of standards which allow a truly comprehensive view of the market. Use of primary research strategies such as interviews with top-level decision makers of hospital chains and clinics combined with secondary research provides a thorough analysis of past and present trends in a forward-looking manner. Additionally, market size estimation and validation use both top-down & bottom-up approaches to obtain data from the demand and supply-side. Credible resources are employed to assist analysts to understand the nuances of market factors with consistency. Competent data analysts use strong analytical tools to ascertain accurate analysis of very relevant parameters in an effort to provide clients with a conclusive and dependable view of the future.
For the scope of research, the report offers a comprehensive analysis of the global healthcare revenue cycle management market.
Healthcare Revenue Cycle Management Market – Summary
The burgeoning healthcare industry is now heavily banking on the efficient financial transaction. A well-ensured future in terms of finance is needed if the market seeks further advancements in service and innovation in technologies. Healthcare revenue cycle management (RCM) is software that conforms to the demands of the industry and fortifies the financial aspect of it furthering development. Claim processing, payment and revenue generation are what constitutes the entire system, and by maintaining the patient revenue cycle, it fetches a favorable record for hospitals and healthcare sectors. Its impact is so profound and far-reaching that market valuation of USD 1,75,163.5 million seems to be an easily achievable target by 2027, almost a four-times increase from its previous market estimation of 2016. Market Research Future (MRFR), while gathering information for the same market, implemented a holistic approach to have a precise report predicting the forthcoming period backed by in-depth knowledge of the same field.
Simplification of the financial status made possible by the RCM software of various hospitals is spurring the growth of the global RCM software market. By easing the process of managing, identification, and collection of data, it has substantially assisted the healthcare sector in benefitting much. And the increasing fund allotment to the healthcare segment can vouch for its growing adoption. This is evident from the reports, published by the U.S. Census Bureau, where it had been highlighted that the hospital care expenditure in 2015 in the U.S. alone had touched USD 831.5 billion.
Various institutions are showing signs of an inclination towards integrated healthcare system where the all-inclusive service depends majorly on access, quality, user satisfaction, and efficiency. Its structure is founded upon services related to diagnosis, treatment, care, rehabilitation, and health promotion. The trend is gaining momentum in the U.S. and Europe, where it has become popular with the massive patient pool. E-healthcare is also getting enough foothold to substantially assist the market. These developments have only led to a better implementation of quality research, treatment, and management. At the same time, individual healthcare spending is witnessing an increase in figures which is bolstering the RCM software market’s growth.
However, RCM software’s efficient implementation requires adept professionals in-charge of its operation. But, a dearth in their number can impede the market growth as slight errors could lead to an altogether different result. This works like a supply chain and a faulty figure on one end can trigger a landslide on the other.
Based on the product type, the market can be segmented into advanced integrated software and standalone software. The advanced integrated software accrues almost 81.4% of the total revenue generated in the market and is blessed with the fastest CAGR of 12.3% during the forecast period.
Component-based segmentation of the market includes software and services. The software segment is gaining precedence considerably in the global market owing to its applicational ease, and it commanded the largest market share in 2016.
Deployment-wise segmentation comprises on-premise and on-cloud/web-based. On-cloud section is gaining much traction. However, on-premise application held the largest share of the market in 2016 as many still find complete cloud solution a bit difficult to operate.
Based on end-users, the market can be segmented into hospitals and ambulatory services. Hospitals hold the major share, and many rely heavily on its assistance in cases of emergency.
The geographical analysis of the market covers namely the Americas, Europe, Asia Pacific (APAC) and the Middle East & Africa (MEA).
The Americas take the onus of generating the maximum revenue as the region has this tendency to rely heavily on advanced technology. Advanced infrastructure accommodates such a wide-spread implementation of RCM software which benefits all. In addition, the market is profiting much from several major players presence in the segment, along with a scheduled substantial healthcare expenditure every year.
Europe is holding the second position, and it can be attributed to increasing government support in research and development. Other features such as well-developed healthcare infrastructure and considerable healthcare funding are quite similar in their impact to that of the Americas.
The APAC is all set to register the fastest growth. Emerging economies of the region are changing the healthcare sector remarkable, and many of them are evolving as a medical tourism hub which as a consequence, is assertively impacting the global RCM market. However, the MEA is still lagging much behind as the region has quite a few poor and slow developing countries.
Many healthcare organizations are using robotic process automation, intelligent EDI integration, insurance discovery and patient solutions for a superior collection process. This integration in the healthcare sector has increased the need for RCM software considerably which has led to an increased profit. Major companies are trying much to bank on this system. Emerging economies are also looking at it as a must-needed option to gain more.
MRFR’s extensive research reveals that many market players are employing methods such as the development of innovative & advanced software, and acquisition. However, Epic Systems Corporation, McKesson Corporation, Cerner Corporation, and GE Healthcare are sharing almost 9.8% share of the global healthcare RCM market.
Global Healthcare Revenue Cycle Management (RCM) Market: Competitive Landscape
A limited number of industries are working in the development of healthcare revenue cycle management (RCM). Through extensive research, it is found that market players have adopted the strategy of development of innovative and advanced software and acquisitions. On the basis of the market study, we found some key players operating in this market such as Epic Systems Corporation, McKesson Corporation, Cerner Corporation, GE Healthcare, Allscripts, and Siemens Healthcare. These companies account for more than 9.8% share of the global healthcare RCM market.
McKesson Corporation is one of the leading players in the market with a huge global presence and over 68,000 employees. The company has a significant presence in the Americas, Europe, and Asia-Pacific and its research and manufacturing units are present in over one dozen countries. The company accounts for 4.4% of the market share owing to a well-developed market and worldwide presence, which is expected to witness a rise during the assessment period.
Founded in 1979, Epic Systems Corporation headquartered in Wisconsin, US is a healthcare software company. The company is focused on developing integrated suite for the healthcare sector. The company accounts for 2.5% market share in the global healthcare revenue cycle management market. Epic Systems was voted as the top overall software suite in 2018 Best in KLAS awards. The company has received this award eight years in a row. Epic Systems received the Best in KLAS awards in seven segments.
Cerner Corporation, headquartered in Missouri, US is the supplier of health information technology solutions, services, devices, and hardware. The company accounts for 1.2% market share in the global healthcare revenue cycle management market. In April 2015, the company collaborated with Tableau Software to improve the information disclosure experience of healthcare organizations through intuitive data exploration, thus enhancing its product portfolio.
GE Healthcare headquartered in Illinois, the US is a multinational conglomerate company. The company was incorporated in 1994 and operates in more than 100 countries. The company accounts for 1.7% market share in the global healthcare revenue cycle management market. GE Healthcare, a leading provider of healthcare information technology, offers the next-generation revenue cycle management solution for hospital networks, academic medical centers, large practices, and physician billing groups. The software enables enterprises to achieve greater profitability and efficiency by streamlining administrative tasks from the front desk to the billing office and accelerating revenue collection from payers to providers.
Each of them is committed to providing high-quality products to enhance the patient care. These players established themselves as major companies across the globe. They are investing in research, awareness, marketing, and technology advancement. They also focus on acquisitions, partnerships, collaborations, expansions, and new product launches to obtain the maximum market share.